JMTG vs. BNO

Last updated Aug 2, 2026

JMTG (JPMorgan Mortgage-Backed Securities ETF) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - JMTG is a Mortgage Backed Securities fund actively managed by JPMorgan, while BNO is a Oil & Gas fund tracking the Crude Oil Brent ICE Near Term Futures. JMTG is actively managed, while BNO is passively managed. Over the past year, JMTG returned 3.50% vs 62.83% for BNO. Their -0.38 correlation means they have often moved in opposite directions in the past. JMTG charges 0.24%/yr vs 1.00%/yr for BNO.

Performance

JMTG vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Mortgage-Backed Securities ETF (JMTG) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JMTG achieves a 0.02% return, which is significantly lower than BNO's 77.90% return.

JMTG

• 1D: -0.38%
• 1M: -0.99%
• 6M: -0.10%
• YTD: 0.02%
• 1Y: 3.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.65%

BNO

• 1D: 1.45%
• 1M: 27.00%
• 6M: 52.90%
• YTD: 77.90%
• 1Y: 62.83%
• 3Y*: 20.31%
• 5Y*: 20.89%
• 10Y*: 15.06%
• ALL TIME*: 4.31%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BNO United States Brent Oil Fund LP	$107.13M	$97.34M	$147.52M
JMTG JPMorgan Mortgage-Backed Securities ETF	$30.92M	$28.07M	$37.29M

JMTG vs. BNO - Yearly Performance Comparison

	2026 (YTD)	2025
JMTG JPMorgan Mortgage-Backed Securities ETF	0.02%	3.94%
BNO United States Brent Oil Fund LP	77.90%	-2.71%

Correlation

The correlation between JMTG and BNO is -0.41, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.41
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025	-0.38

Return for Risk

JMTG vs. BNO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

JMTG

JMTG Risk / Return Rank: 46
JMTG Sharpe Ratio Rank: 49
JMTG Sortino Ratio Rank: 50
JMTG Omega Ratio Rank: 47
JMTG Calmar Ratio Rank: 45
JMTG Martin Ratio Rank: 39

BNO

BNO Risk / Return Rank: 52
BNO Sharpe Ratio Rank: 55
BNO Sortino Ratio Rank: 55
BNO Omega Ratio Rank: 55
BNO Calmar Ratio Rank: 47
BNO Martin Ratio Rank: 45

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

JMTG vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Mortgage-Backed Securities ETF (JMTG) and United States Brent Oil Fund LP (BNO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	JMTG	BNO	Difference
Sharpe ratio: Return per unit of total volatility	1.22	1.32	-0.10
Sortino ratio: Return per unit of downside risk	1.79	1.90	-0.11
Omega ratio: Gain probability vs. loss probability	1.22	1.24	-0.03
Calmar ratio: Return relative to maximum drawdown	1.61	1.70	-0.09
Martin ratio: Return relative to average drawdown	4.07	5.15	-1.09

JMTG vs. BNO - Sharpe Ratio Comparison

The current JMTG Sharpe Ratio is 1.22, which is comparable to the BNO Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of JMTG and BNO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

JMTG vs. BNO - Drawdown Comparison

The maximum JMTG drawdown since its inception was -2.78%, smaller than the maximum BNO drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for JMTG and BNO.

Drawdown Indicators

	JMTG	BNO	Difference
Max Drawdown Largest peak-to-trough decline	-2.78%	-87.06%	+84.28%
Max Drawdown (1Y) Largest decline over 1 year	-2.78%	-34.46%	+31.68%
Max Drawdown (3Y) Largest decline over 3 years	—	-34.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.18%	—
Current Drawdown Current decline from peak	-2.22%	-16.21%	+13.99%
Average Drawdown Average peak-to-trough decline	-0.80%	-39.99%	+39.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	11.86%	-10.76%

Volatility

JMTG vs. BNO - Volatility Comparison

The current volatility for JPMorgan Mortgage-Backed Securities ETF (JMTG) is 0.97%, while United States Brent Oil Fund LP (BNO) has a volatility of 17.47%. This indicates that JMTG experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMTG	BNO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.97%	17.47%	-16.50%
Volatility (6M) Calculated over the trailing 6-month period	2.92%	40.96%	-38.04%
Volatility (1Y) Calculated over the trailing 1-year period	3.68%	44.54%	-40.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.68%	36.41%	-32.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.68%	36.98%	-33.30%

JMTG vs. BNO - Expense Ratio Comparison

JMTG has a 0.24% expense ratio, which is lower than BNO's 1.00% expense ratio.

Dividends

JMTG vs. BNO - Dividend Comparison

JMTG's dividend yield for the trailing twelve months is around 4.34%, while BNO has not paid dividends to shareholders.

Position	TTM	2025
BNO United States Brent Oil Fund LP	0.00%	0.00%
JMTG JPMorgan Mortgage-Backed Securities ETF	3.97%	2.10%

Frequently Asked Questions

Can I hold both JMTG and BNO in my portfolio?

JMTG and BNO have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JMTG or BNO?

BNO has higher volatility (17.47%) compared to JMTG (0.97%). In terms of maximum drawdown, JMTG dropped -2.78% vs BNO's -87.06%.

Which ETF is better, JMTG or BNO?

On 1-year performance, BNO leads with 62.83% vs 3.50% for JMTG. On fees, JMTG is cheaper at 0.24% per year. On volatility, JMTG has been the lower-risk option at 0.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMTG or BNO?

Over the 1-year period, BNO has performed better with a 62.83% return vs 3.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMTG or BNO?

JMTG is cheaper with a 0.24% expense ratio, compared with 1.00% for BNO.

Which ETF pays a higher dividend yield, JMTG or BNO?

JMTG has the higher dividend yield at 3.97%, compared with 0.00% for BNO.

What is the main difference between JMTG and BNO?

JMTG is categorized as Mortgage Backed Securities, while BNO is Oil & Gas. They also come from different issuers: JPMorgan and USCF. Their fees differ too: 0.24% for JMTG and 1.00% for BNO.

Which has better risk-adjusted returns?

BNO currently has the higher Sharpe Ratio (1.32 vs 1.22), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.